document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=759126>Question 759126</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Delilah opens a credit card with an APR of 24.38% compounded monthly. How much is charged in interest this month if her balance is $550? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #461871 by </B><A HREF=/tutors/aboutme.mpl?userid=jim_thompson5910><B>jim_thompson5910(35256)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=jim_thompson5910><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=461871\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> 24.38% compounded monthly ---> 24.38/12 = 2.031667% monthly interest rate\r<BR>\n" );
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document.write( "2.031667% of 550 = 0.02031667*550 = 11.1741685 = 11.17\r<BR>\n" );
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document.write( "The amount charged in interest is roughly $11.17 </SPAN>\n" );
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